Ag Outlook: Brazil is looking at largest soybean crop ever

Jan 31, 2023

Global economics and the impact for agriculture were a key focus during the Annual Ag Outlook yesterday.

Brad Magnusson, CEO of Magnusson Consulting Group covered a lot of ground from oil and gas prices to the war in Ukraine, and more.

A key area of interest is the potential impact of an increase in U.S. acres.

He says the USDA is expecting to see an increase in soybeans, winter wheat and spring wheat, with corn acres jumping 1.9 million acres.

"Now what impact is that having? Well, first of all, we're starting to see fertilizers slide in the form of nitrogen. I think a lot of us including ourselves, bought expensive nitrogen in and around $1100 in the fall. It's down to around about $910 yesterday ( Monday )."

He notes the biggest problem that a lot of fertilizer companies are having right now is delivery issues adding that he anticipates fertilizer prices will come back up as the demand increases.

Another key area to watch is Brazil, where they have a very, very large bean crop that could see production hit 154 or 159.1 million tonnes making it their largest soybean crop ever.

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Video: Why Port Infrastructure is Key to Growing Canada's Farms and Economy

Grain Farmers of Ontario (GFO) knows that strong, modern port infrastructure is vital to the success of Canada’s agriculture. When our ports grow, Ontario grain farmers and Canadian farms grow too—and when we grow, Canada grows.

In this video, we highlight the importance of investing in port infrastructure and how these investments are key to growing Ontario agriculture and supporting global trade. The footage showcases the strength of both Ontario’s farming landscapes and vital port operations, including some key visuals from HOPA Ports, which we are grateful to use in this project.

Ontario’s grain farmers rely on efficient, sustainable ports and seaway systems to move grain to markets around the world. Port investments are crucial to increasing market access, driving economic growth, and ensuring food security for all Canadians.

Why Port Infrastructure Matters:

Investing in Ports = Investing in Farms: Modernized ports support the export of Canadian grain, driving growth in agriculture.

Sustainable Growth: Learn how stronger ports reduce environmental impact while boosting economic stability.

Global Trade Opportunities: Improved port and seaway systems help farmers access new global markets for their grain.

Stronger Communities: Investment in ports means more stable jobs and economic growth for rural communities across Ontario and Canada.

We are proud to support the ongoing investment in port infrastructure and to shine a light on its vital role in feeding the world and securing a prosperous future for Canadian agriculture.

Special thanks to HOPA Ports for providing some of the stunning port footage featured in this video.